{"id":16050,"date":"2023-04-03T16:43:32","date_gmt":"2023-04-03T20:43:32","guid":{"rendered":"https:\/\/azran.ca\/?p=16050"},"modified":"2024-04-25T11:47:52","modified_gmt":"2024-04-25T15:47:52","slug":"how-will-debts-and-assets-be-split-upon-divorce-explains-by-azran-lawyers-a-2023-three-best-rated-awarded-law-firm-in-montreal","status":"publish","type":"post","link":"https:\/\/azran.ca\/en\/how-will-debts-and-assets-be-split-upon-divorce-explains-by-azran-lawyers-a-2023-three-best-rated-awarded-law-firm-in-montreal\/","title":{"rendered":"How will debts and assets be split upon divorce ? \u2013 Explains by Azran Lawyers, a 2023 Three Best Rated Awarded law firm in Montreal"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]Navigating through divorce proceedings can be nerve-racking for all those involved, especially when dividing the assets and debts accumulated by the parties over the years!<\/p>\n

It is during this very specific portion of the proceedings that heated arguments often occur between the parties, adding additional pressure on either side to officialize the separation.<\/p>\n

No matter how the parties want to divide their assets and debts, there are some rules which must be followed during the separation based on which assets and debts are being separated.<\/p>\n

We reached out to Me Gabrielle Azran, founder of Azran Avocats-Lawyers to learn more about how assets and debts are separated during a divorce. Here is the knowledge she had to share![\/vc_column_text][vc_column_text]<\/p>\n

Separation of Assets:<\/h3>\n

There are two different types of assets: matrimonial assets and assets that remain the personal property of the parties. Marital property includes all property earned by either spouse, during the marriage, so long as it falls within the limitative list stated in article 415 of the Civil Code of Quebec. This marital property subsequently forms the family patrimony. The assets that remain the personal property of the parties include those acquired prior to the marriage, so long as they do not fall under article 415 of the Civil Code of Quebec or property acquired through donation or inheritance.<\/p>\n

During the property division in divorce, the goods falling within the family property will typically be split evenly, amongst the parties. As the law aims to be fair, it suggests that both spouses have equal rights on the marital property and the property will be divided 50\/50.<\/p>\n

In terms of partitioning investment and retirement accounts, the division might be difficult and must be done with the help of an attorney as there are some risk factors like actual value, perceived value, increased value etc., affecting the accurate division.[\/vc_column_text][vc_column_text]<\/p>\n

Separation Of Debts:<\/h3>\n

Similarly, to the assets, debts incurred for the necessity of the family would also typically be divided equally.<\/p>\n

As an example, the parties, during their marriage, decide to open a joint line of credit together. This joint line of credit is exclusively used for the expenses of the family. At the time of the parties\u2019 separation, there is an outstanding amount of 10 000$ on the joint line of credit. The parties would then each be responsible for their share of the debt, amounting to 5000$ each.<\/p>\n

It is important to note that despite this prescribed method of separating debts, there are times where a spouse could potentially not be held liable for their share of a debt, such as debt incurred without their knowledge, a debt incurred without their consent or a debt incurred by the unilateral actions of their spouse, such as gambling.<\/p>\n

As previously mentioned, family law in Quebec aims to assure equal rights and obligations to each spouse in the context of their divorce. Considering the challenges associated with the division of assets and debts during a divorce proceeding, Me Azran places emphasis on the
\nimportance of being properly represented during that period. Support of a competent attorney is the best way for a party to ensure the protection of their rights.[\/vc_column_text][vc_column_text css=\u201d\u201d]<\/p>\n

Compelling Reasons To Choose Azran Avocats-Lawyers<\/h3>\n

Me Gabrielle Azran is a highly renowned attorney and the founding partner of Azran Avocats-Lawyers, a well-known law firm. Ever since graduating from Laval University, in Quebec, in 1989, she has been successfully practicing litigation, concentrating particularly on civil litigation, construction, and family law. Since founding Azran Avocats-Lawyers, Me Azran and her team of dedicated attorneys have been serving clients all across the Quebec landscape.<\/p>\n

The firm Azran Avocats-Lawyers consists of dozens of lawyers, concentrating in a range of litigation including family law, construction law, civil law, co-ownership law and so on. Azran Avocats-Lawyers\u2019 various areas of knowledge allow their clients to receive the individualized and comprehensive representation they are entitled to. Lawyers in interpersonal relations, the
\nAzran Avocats-Lawyers\u2019 team of attorneys not only offers legal support to their clients, but also emotional support, as they recognize how difficult navigating the judicial system can be.<\/p>\n

Me Azran prides herself on the fact that the clients\u2019 absolute satisfaction is the utmost priority for herself and her team. Due to their unwavering service, Azran Avocats-Lawyers takes pride in witnessing the expanding customer base and thanks its clients for their trust.<\/p>\n

Recently Azran and her firm have been honored with the prestigious ThreeBestRated\u00ae award for the year 2023 as a top law firm. This is not the first time that Azran Avocats\u0002Lawyers are awarded such recognition; they have been topping the list for four subsequent years.<\/p>\n

To get to know more about them, take a look at their website: https:\/\/azran.ca\/en\/team\/me-gabrielle-azran\/<\/a>[\/vc_column_text][vc_column_text]<\/p>\n

About ThreeBestRated<\/h3>\n

Three Best Rated\u00ae was created in 2014 with the simple goal of finding the top 3 local businesses, professionals, restaurants, health care providers, and everything in-between, in any city. Every business is meticulously handpicked by our employees. We check business\u2019s reputation, history, complaints, ratings, proximity, satisfaction, trust, cost, general excellence, reviews, and more, using our 50-Point Inspection. We only display businesses that are
\nverified by our employees. Other places will call this \u201chard work\u201d and \u201cunnecessary\u201d. We call it \u201cdue diligence\u201d and \u201cthe right thing to do\u201d. Our website is updated on a regular basis for quality and the latest business information.<\/p>\n

Three Best Rated has the honor of helping 4 million customers every month find the best businesses in any city \u2013 without any effort![\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n

<\/div><\/div>","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_column_text]Navigating through divorce proceedings can be nerve-racking for all those involved, especially when dividing the assets and debts accumulated by the parties over the years! It is during this very specific portion of the proceedings that heated arguments often occur between the parties, adding additional pressure on either side to officialize the separation. No matter […]<\/p>\n","protected":false},"author":2,"featured_media":16057,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[74],"tags":[],"class_list":["post-16050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-law-articles"],"acf":[],"yoast_head":"\nHow will debts and assets be split upon divorce ? \u2013 Explains by Azran Lawyers, a 2023 Three Best Rated Awarded law firm in Montreal - Azran Lawyers<\/title>\n<meta name=\"description\" content=\"Navigating through divorce proceedings can be nerve-racking for all those involved, especially when dividing the assets and debts accumulated by the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/azran.ca\/en\/how-will-debts-and-assets-be-split-upon-divorce-explains-by-azran-lawyers-a-2023-three-best-rated-awarded-law-firm-in-montreal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How will debts and assets be split upon divorce ? 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